NEP’s Bill Black appeared on The Real News Network (TRNN) discussing the Syriza victory in Greece despite what WSJ and NYT would like us to think. The video is below. I you would like to see the video and transcript, it is here.
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“Very few banks have any real clue of what they are doing. If you doubt this, all you have to do is read the minutes of the Federal Reserve.”
The above quote comes from a comment from J.A. Mungai about the discussion (transcript version).
I read the transcripts from the Fed minutes when they are released. Makes for really amusing reading.
If these ignoramuses where my students in an economics course I would fail them, then plead with the Dean of Admissions to expel them and get some students with enough brain material to understand what they are supposed to be learning (never mind regulating!).
How could a person get an advance degree in economics without knowing of the connection between J.M.Keynes, Simon Kuznets and Morris Copeland; or not understanding the difference between a household budget, a corporation budget and the budget of the economy of the U.S.A.
I was able to figure this out– before–I graduated from college at the University of Illinois/UC with a degree in economics. I had also studied Leontieff’s work on Input/Output analysis. I was also knowledgeable about American economic history.
My life was adversely burdened by the Great Depression.( I was born in 1934 and spent four of the next eight years in orphanages, or at one or the other of my grandparents homes while my father-a brilliant man– searched for work.) I made certain that my education would help me understand the causes of the Depression disaster and make certain that it never happened again. I failed in the latter task! I saw this all begin to go wrong on the day Jack Kennedy was murdered and I watched with horror as the perverse fantasy of anti-Keynesianism developed.
But then, at Illinois and later at Cornell where I met and became friends with Morris Copeland, I had some real and really exceptional professors. Are those days gone forever?
Long Live Bill black and UMKC!!!